LETTER TO ALL BANKS

RE: IMPLEMENTATION OF NAIRA RE-DESIGN POLICY

Further to the Emergency Bankers' Committee meeting held on Friday, October 28, 2022 and as part of arrangements to ensure seamless implementation of the new currency re-design policy, the Central Bank of Nigeria (CBN) has approved the following interim measures:

1. There shall be no charge on cash deposits by customers above the threshold specified under the Cash-less Policy effective October 26, 2022.

2. The requirement for cash evacuation to CBN branches using armoured bullion vans is temporarily waived in view of the anticipated large volume of cash deposits to be evacuated vis-a-vis the limited capacity of registered Cash in Transit companies. Banks may convey cash using other transportation arrangements but shall bear the associated risks.

3. Deposit of mutilated notes in the denominations covered under the dispensation (N200, N500 & N1,000 denominations) shall be permitted without any fees. All mutilated notes received will be processed in due course to check for counterfeit, forged or composed notes and banks shall be responsible for any defective notes and shortages in line with extant regulations.

4. The following charges are hereby temporarily waived until January 31, 2023:

a. Penalty for cash shortages by banks at CBN branches. However, all banks shall continue to bear the responsibility for meeting any cash shortages. b. Charges for deposits that are not in CBN approved cash boxes.

Furthermore, banks are to note the following:

a) Banks' currency processing centers shall remain open from Monday to Saturday to accommodate all cash that will be deposited by customers.
Classified as confidential

b) No cash deposit by any customer should be rejected provided such deposits are lodged into an account with a BVN.

c) All deposits by new or walk-in customers should be accepted by banks subject to compliance with the requisite account opening documentations and KYC requirements.

d) No deposit should be boxed and or credited to any suspense account, general ledger or any other internal account of a bank.

e) All cash deposits, including mutilated notes must be lodged at only CBN branches.

Deposits should not be lodged with Bankers Warehouse or any other service providers.

f) Splitting of deposits is not permitted under any circumstance. All unusually large deposits should be paid into customers' accounts with BVNs as a bulk amount.

g) Banks shall cease to load their ATMs with old Naira notes from January 31, 2023, as the old Naira bills shall cease to be legal tender from that date.

h) Banks are required to ensure full compliance with extant AML/CFT regulations on reporting of currency and suspicious transactions.

i) Banks shall ensure that customers are promptly attended to and well treated to avoid delays and long queues/congestion at banking halls

j) Banks shall deploy measures to detect fake or counterfeit notes and avoid any form of competition to ensure a smooth implementation of the policy.

Finally, banks are required to furnish the CBN with their daily vault cash position effective October 26, 2022 in line with the attached template.

The first set of returns up to November 1, 2022 is due before close of business on November 2, 2022. Thereafter, banks are to provide the daily returns on their cash position on or before 10.00am of the business day following the reporting date. The returns shall be submitted to BSDReturnscbn.gov.nq and BSD Group5Mailinqcbn.gov.ng.

The CBN shall monitor to ensure strict compliance with the above measures. Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

Chaii.. This is serious.

dis evening If you see a person walking along the
road, talking to himself and gesticulating, don't
conclude that he is a mad man.

There is a 90% chance that he is a Chelsea fan.

OGA DEY VEX Is Following The Thread

This is the right time for the CBN to
push E-Naira and not just the physical currency

I have series of e-plans and e-models I have strategically lined out that could be employed to effectively present eNaira to the Nigerian community and further presented to the wider economic-world

Make CBN sha calm down mak dem allow us spend all the Naira wey dey hidden for Dec....


Na now person suppose dey visit him uncle nd aunty wey be Politicians cos dem go dey du alot of Cash Giveaway....

Well, cost-benefit analysis consideration,

What are the costs: Foreign currencies are pressurized. Naira is depreciated. The direct bearing is worsening exchange rate while the indirect bearing is minimal.

We can only rely on policies of CBN in the short term to resolve the currency problem. The key solution is real sector/product significant development which is sort of long term.

Benefit: proceeds of crimes[if the banking sector is tightened and adherence to Anti money laundering act], will be rendered useless. This means more naira[excess liquidity] is flushed out. The direct indirect bearing is significant.

Now, let us try to imagine/quantify cost-benefit analysis of this policy. I will say, the benefit outweighs the cost.

afribookorg:
dis evening If you see a person walking along the
road, talking to himself and gesticulating, don't
conclude that he is a mad man.

There is a 90% chance that he is a Chelsea fan.

so what would you have Manchester United supporters do?

nlfpmod:
LETTER TO ALL BANKS

RE: IMPLEMENTATION OF NAIRA RE-DESIGN POLICY



b) No cash deposit by any customer should be rejected provided such deposits are lodged into an account with a BVN.

c) All deposits by new or walk-in customers should be accepted by banks subject to compliance with the requisite account opening documentations and KYC requirements.

d) No deposit should be boxed and or credited to any suspense account, general ledger or any other internal account of a bank.

f) Splitting of deposits is not permitted under any circumstance. All unusually large deposits should be paid into customers' accounts with BVNs as a bulk amount.


h) Banks are required to ensure full compliance with extant AML/CFT regulations on reporting of currency and suspicious transactions.

Good one

Gbeng30:
This people sha want cash out by all means... Bunch of greedy criminal...its a pity that Nigeria are been run by criminals

Who are the people wey wan cash out by all means?

Do you even understand the article at all?

CBN and policy, implementation n directives be like hot bread b butter

For those wey get money

Since banks can't keep money in suspense account...I want to see how the bankers will help looters evade the system.

One way or the other, politicians will fight this policy. The cutoff date of Jan 31 2023 shows clearly the policy is targeted at curbing vote buying.

Most of the "experienced" politicians must have already stockpiled the cash for vote buying in God knows where, panick will set in soon among them. The ones that will try to convert to dollars will not see enough dollars, while the few that will succeed will not be able to convert it back to raw newly designed Naira within a month before the elections.

Naira value against the dolĺar will fall but this is a master stroke by the CBN if they don't bulge under the expected pressure from politicians.

Bad news for the like of Emilokan

Why CBN dey vex like this na?

Cbn palava, wahala for person wey don stuck money for house..

Good one

Interesting days ahead.

covole:

you dey hide cash? Your Agbada don hook wire be that, contact me, I can help you move the cash enter bank on my account clean. You go just pay me commission deal

You have no idea how corrupt bankers are. Their fraudulent activities worse pass yahoo boys and politicians combine.

CUMIN:
Since banks can't keep money in suspense account...I want to see how the bankers will help looters evade the system.

This people sha want cash out by all means... Bunch of greedy criminal...its a pity that Nigeria are been run by criminals

snazzy5050:
so what would you have Manchester United supporters do?

We are used to that bro

All the hoarders should walk into the nearest bank and confess(deposit) their sins. Lol

Wahala for boko boyz. make una claim down lets this december finish abeg

Baba Emefiele is trying by all means to block his constituency people smuggling in illicit funds into the system.

Hoping he has blocked all lacunae.

Kudos!!

I see a naira appreciation after much plummeting.

BritishAirways:
This is the right time for the CBN to push E-Naira and not just the physical currency

I have series of e-plans and e-models I have strategically lined out that could be employed to effectively present eNaira to the Nigerian community and further present wider economic-world

There is always that stupid person complicit in his enslavement. Do you know the evil a cbdc will bring on this country ?

ok following



Anyway, Agriculture is life.